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How to Swing /Opportunity / Position Trade?
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www.collinseow
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17-Aug-2009 10:20
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Hi , wah your blog happening , still got metastock logo One more point is that the stock should make a recent high.Try not to choose stock with lower high. 3-5 bar drop is prefer. In general , a strong stock should not drop for more than 5 days.
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www.collinseow
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17-Aug-2009 10:12
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Hi all, have you all take a look at Lian Beng ,look like a ascending triangle breakout, volume look good too at the moment. CCI is high though but this is common for breakout stocks. STI is down this stock is up, show that there is strength. My 2 cents view.:D |
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Kensonic77
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16-Aug-2009 16:58
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My friend is using the data from CyberQuote. Maybe can switch to other source for a change. Thanks for sharing.
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Ferrowolf
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16-Aug-2009 10:52
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Hello Kensonic77, No offence, but how come a senior member of this forum is asking about EOD data for Metastock? Anyway, I'm currently using Analyst's Dataserver for EOD data, cheap, but not as good as when I first got it. They stopped the DJIA data and even STI doesn't come out right..zz So I've been using the Nextview platform for STI.. DJIA and S&P using Yahoo Finance..haha But I'm getting Metaquotes and beta-testing another data provider. Hondastream: I think Collin might have the codes for the 3-5 drop bar. Cheers, Ferrowolf Check out my personal trading journal here. Meant solely for self-educational purposes, please feel free to leave comments. |
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ganclmm
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16-Aug-2009 09:52
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Thank back2basic for your advice. Look like the bull got tired already for S'pore stock, but some predict US stock 'may be' raise due to last minute huge buy in on Friday. Anyway, let see what will happen on Monday. Cheer! Click here for my learning journey.
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Kensonic77
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15-Aug-2009 22:15
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How to get EOD data for MetaStock? Thanks in advance.
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hondastream
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15-Aug-2009 21:44
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yup using ms. looking for the scan. .
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Ferrowolf
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15-Aug-2009 21:08
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Cool, volatile counters with narrow bars are good =) Yesterday DBS triggered a long trade, it gapped up, moved to cover the gap, then traded back up and closed near the open. I'm easing off my directional bias for DBS, it's not showing a lot of strength for a counter which is trading off the lows and with the STI running. Volume is also dropping even though price was already trading above the last 2 day's price ranges. Regardless, I do believe a good trading opportunity lies in DBS next week, be it up or down. watching 12.58 levels for a move downside. (goes down faster than it goes up eh?) Although anyone who managed to get a long swing trade should remain so, don't give up your position for no good reason, price will tell us if it wants to go the other way by breaking support levels. So far all it has told us is that it wants to move up, albeit sluggishly. |
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Back2Basic
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15-Aug-2009 17:21
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Dear GanCl, DBS is losing a lot of momentum and there is price divergence....also the bars are very narrow...be careful... |
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Ferrowolf
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15-Aug-2009 15:47
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Just wanted to add in something about the 3-5 drop bar setup, If you're looking to buy, the drop bars close and the price action trigger has to happen above the 40sma. Vice versa if you're looking for a sell. If price retraces below the 40sma then don't take a long trade. Be patient and wait for a better setup. |
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Ferrowolf
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15-Aug-2009 14:45
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ATR is very common, it's located as an indicator in your charting platform. I assume you're using Metastock? I do not have the 3-5 drop bar scan, don't know where to get it either. Though, I do believe it's available online for free cos it's not hard to code.. Look around a little on google perhaps. =) |
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hondastream
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15-Aug-2009 13:58
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thanks. Ferro, had a better understanding. for 3 to 5 bar. and ATR . Check with you , is there any link that i can down load for the plug-in to have 3 to 5 bar drop and ATR scan. Thanks HS |
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Ferrowolf
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15-Aug-2009 13:10
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Haha It's ok Hondastream, I'm sure you're still my senior! Sorry for the late reply. I still haven't gotten up the charts for the NR, a little busy. but I can now answer your query regarding the 3-5 drop bar setup and the ATR. Let me start with the ATR, it means Average True Range. True Range refers to the range from the previous day's cloes to the high of today. ATR of course represents the average of these values over a trader-determined period. Commonly used periods are 14 and 20. We can use this for intraday trading to help determine how far a counter could go today. If you look for the ATR on the weekly charts, you'll be able to see roughly how far the counter moves in a week. By determining how far a counter moves on the average, we can roughly estimate how far it's likely to go today and plan our trades accordingly to maximise profits from the daily move. 3-5 drop bar I actually have a write up on the plain vanilla 3-5 drop bar setup on my blog, here. Essentially it's a swing trade setup. The concept is simply getting in, with a clear stoploss level, after a profit taking retracement in a relatively strong trending counter. So we a few things which we need to identify are as follows: 1) a strong trend, 2) a series of bars which are moving in the opposite direction to the trend. Entry is triggered when price breaks above the high of the previous bar, with the stoploss just under the lowest low of the series of drop bars identified. This setup alone may not be enough, you will need to couple it together with a few other factors. The confluence of these factors will help increase the success rate of this setup. For instance, coupling it together with Moving Averages or another indicator such as RSI or CCI. Of course don't over do it, adding too many elements into the confluence may not give you any signals at all, or even negative results. Keep it simple, stick to the basics. Here at AAT, we're using the 3-5 drop bar in conjunction with 20 sma, 40sma and CCI. Buy setup: - Moving averages upsloping - 20sma is above the 40sma - Price is currently doing a retracment, at least 3 consecutive down bars. - CCI should be under -100 Trigger: 1 bid above the prior day's high. Sell setup: - Moving averages down-sloping - 20sma is below the 40sma - Price is currently doing a retracment, at least 3 consecutive up bars. - CCI should be above 100 Trigger: 1 bid below the prior day's low. I hope this has increased your understanding Hondastream, feel free to clarify.Cheers, Ferrowolf Check out my personal trading journal here. Meant solely for self-educational purposes, please feel free to leave comments. |
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hondastream
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14-Aug-2009 12:07
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Ops!! Ferro , pardon my english. I was referring you as senior. not myself.. thanks for your kind attention. Cheers.. |
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Ferrowolf
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14-Aug-2009 10:57
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Hello Senior! Did a write up on the NR here on my journal actually. Under TA & Strategies -> trading strategies -> Narrow Range. But it's not really complete article yet cos I haven't put in any pictures to illustrate my words. I think the rest will have to wait till tonight, I gotta step outta the house for the rest of the day. Cya! Cheers, Ferrowolf Check out my personal trading journal here. Meant solely for self-educational purposes, please feel free to leave comments. |
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hondastream
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14-Aug-2009 00:42
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Hi Ferro, senior from ATT , just to check with you :what's a NR7 and how does 3-5 drop bar setup work? last how do we look at ATR . thanks DBS is an NR7, as well as a 3-5 drop bar setup. Looks like a pretty good long setup, even tho the CCIs aren’t ideal. The only thing which worries me is the volume, it rose on retracement instead of falling. But we’re seeing a lot of supernatural strength in various parts of the markests right now. So yep, I’m a little more upward biased. I wouldn’t be surprised if banks want to have a go as well. Could be in either direction, I’ll be watching 12.56 for the downside and 12.84 to the upside, Note the ATR to choose a decent target profit price. |
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ganclmm
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14-Aug-2009 00:22
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Thank ferrowolf for your sharing. Click here for my learning journey. For my sharing and learning purposes. Cheer! |
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Ferrowolf
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13-Aug-2009 23:59
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The banks aren't leading this rally that just started..if they did, the STI would probably hit 2700 today! haha Anyway, I quite like DBS too, I think it might present a trading opportunity, tho it may not be to the upside. STI managed to climb up but closed at the 50% retracement level for today. If STI wants to reach 2700, I think they're gonna need the banks to move as well Have a slightly clearer analysis for DBS in my blog.. lazy to recreate the post here..=p Peace, Ferrowolf Check out my personal trading journal here. Meant solely for self-educational purposes, please feel free to leave comments. |
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ganclmm
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13-Aug-2009 23:00
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Thank Back2Basic for your sharing, may I know why do u think DBS may drop tomorrow? | ||||
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Back2Basic
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13-Aug-2009 22:44
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That's good enough for Swing , your CCI < -100, MAs must complement, then look at the bar for triggers...tomorrow if the movement cross today's close, you can go in for a trade...For DBS, CCI not the best though, it may drop tomorrow... | ||||
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